Ascend Communications (ASND) Message Board

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Technology Stocks : Ascend Communications (ASND)

ASND 206.71

-0.9%

12:39 PM EST

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To: Jeffrey Boggis who wrote (16202)	10/3/1997 2:03:00 AM
From: Andie Wei-Ku Lin	of 61433

Western Digital broke below its D-100SMA on Wednesday, and staged a minor recovery today of 7/8 points, due mostly in part to the overall bullish tone in technology stocks, and nothing having to do directly with the company itself. It would appear that people were bargain hunting considering the relatively high volume today (Thursday). There is upside resistance at 39 1/4 on the D-100SMA, which was the previous support. The D-100SMA also corresponds very closely to the W-20SMA. I look for WDC to continue its downward move to 34 1/4 or so, where it will find support on the W-50SMA. Short- lived upward moves should be expected, as consistent with EWT. Intermediate term indicators are not yet bullish, and may take another 2 to 3 weeks to finally turn to the upside. I am a buyer of WDC between 34 and 35. A move below 34 on high volume would be a very bearish sign and fuel a move further down to 25-26. I feel WDC will stop at 34-35 and reverse the downtrend. On a long term basis, WDC is a solid position to hold. Those bullish on WDC buy not yet ready to establish a long position may consider selling near-month 35 puts right now to further decrease their entry cost basis.

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